Source link : https://todaynewsgazette.com/2024/11/13/economy/article17285/
New Agency Aims for Government Efficiency
In an unexpected move, President-elect Donald Trump has appointed Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy, a former presidential hopeful for 2024, to spearhead a revolutionary initiative dubbed the “Department of Government Efficiency” (DOGE). This novel agency is poised to focus on trimming government expenditures, though specifics on its operational strategies remain unclear. Analysts predict that DOGE may particularly scrutinize agencies such as the Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) in its quest for fiscal discipline.
Economic Implications and Expert Insights
In an engaging discussion with Market Domination hosts Julie Hyman and Josh Lipton, Citi’s chief economist for the US, Andrew Hollenhorst, shared his predictions regarding this new agency’s potential effects on federal spending patterns and overall national debt. “We are likely looking at significant fiscal legislation emerging early in Trump’s new term,” Hollenhorst stated during his conversation with Yahoo Finance. He emphasized that Congress’s attitude toward expenditure limitations will be particularly critical given that Republicans are projected to maintain only a modest majority in the House while dominating the Senate.
Expected Tax Policies Under Trump’s Administration
Furthermore, as Trump aims to continue his previous administration’s tax cuts—whose influence has yet to be fully evaluated within the context of American national debt—it raises questions about future fiscal strategies. “The issue of deficit spending in America must be addressed at some juncture,” cautioned Hollenhorst. He highlighted that unresolved debts can have substantial economic ramifications down the line.
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This article was crafted by Naomi Buchanan.
The post How Will Musk and Ramaswamy’s ‘DOGE’ Revolutionize the US Economy first appeared on Today News Gazette.
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Author : Jean-Pierre CHALLOT
Publish date : 2024-11-13 23:06:13
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